India Business News: The interim ruling by the Singapore arbitrator at Singapore International Arbitration Centre (SIAC), which gave a relief to Amazon by staying the Futu
: Tuesday, January 26, 2021, 12:10 AM IST
Reliance Infrastructure assures High Court of not creating third party rights in over Rs 900 crore assets
Delhi High Court
Reliance Infrastructure Ltd Monday assured the Delhi High Court that it would not create any third party rights over assets worth over Rs 900 crore till January 27, in relation to a plea by Shanghai electric Group which has invoked arbitration proceedings against it.
The Anil Ambani s Reliance Infra had entered into an agreement with Shanghai Electric Group (SEG) for engineering and manufacturing of power plants. The SEG invoked arbitration against Reliance Infra on account of its failure to pay for the purchased equipment.
Amazon moves Delhi HC, seeks Biyani s detention, attachment of assets
The Jeff Bezos-led company has also called for enforcement of the emergency award of the arbitration panel, restraining Future Group from moving ahead with its deal with RIL
BusinessToday.In | January 26, 2021 | Updated 00:22 IST
E-commerce company Amazon has moved Delhi High Court seeking seizure of assets of Future Group founder and CEO Kishore Biyani and his detention in prison for violating Singapore International Arbitration Centre s award by going ahead with its deal with Reliance Industries Ltd (RIL).
The Jeff Bezos-led company has also called for enforcement of the emergency award of the arbitration panel, restraining Future Group from moving ahead with its deal with RIL.
Amazon seeks injunction to restrain Future Reliance deal
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Synopsis
Reliance Retail, a unit of Reliance Industries, agreed to buy the retail assets of the Future Group on a slump sale basis for about Rs 25,000 crore, it was announced in August. Amazon, which owns a 49% stake in Future Coupons (FCPL), a Future Group holding company.
Reuters
Experts said foreign seated interim arbitral awards in India are not enforceable directly.
Mumbai: Amazon has approached the Delhi High Court seeking injunction to restrain Future Group in filing any application with regulators to complete its deal with Reliance and enforcing the interim order passed by the Singapore International Arbitration Centre (SIAC). In its suit filed Monday, Amazon has asked the court to restrict Future Retail (FRL) from directly or indirectly taking any steps to sell assets or shares without their written prior consent.
Amazon moves Delhi high court to block Future deal The move comes days after stock exchanges and market regulator Sebi gave their conditional approval to the proposed deal
Amazon.com Inc has moved the Delhi high court to block Future Group from selling its retail assets to Reliance Industries (RIL). The move comes days after stock exchanges and market regulator Sebi gave their conditional approval to the proposed deal.
The e-commerce giant is looking to enforce the interim order given by a Singapore arbitrator to stall the Rs 24,713-crore deal between Reliance and the Future group. Last month, the Delhi high court had said that the statutory authorities or regulators can take a decision on the transaction in accordance with law.